The enterprise collaboration market is projected to grow from USD 34.57 Billion in 2018 to USD 59.86 Billion by 2023, at a CAGR of 11.6% from 2018 to 2023.

Widespread usage of social networking websites and increasing usage of mobile devices for collaboration are factors driving the global enterprise collaboration.

The disaster recovery solutions component segment of the enterprise collaboration market is projected to grow at the highest CAGR during the forecast period. Enterprise collaboration solutions manage data and help make interactions among employees and applications. Service providers offer analytics-based communications and collaboration platforms. Enterprise solutions analyze emails, chats, and other work patterns, and help users prioritize their work. The analytics solution integrates collaboration capabilities such as messaging, file sharing, and connections to social networks.

Based on organization size, the small & medium enterprises segment of the enterprise collaboration market is projected to grow at a higher CAGR than large enterprises segment during the forecast period. Cost-effectiveness is important for SMEs, as they have a limited budget. Hence, the implementation of cloud-based enterprise collaboration solutions is expected to result in increased revenue, desired business outcome, and improved business efficiency for SMEs. Enterprise collaboration solutions help SMEs reduce travel cost and the need for face-to-face meetings. The large enterprises segment is projected to lead the market during the forecast period.

Based on vertical, the IT & telecommunication segment is projected to lead the enterprise collaboration market during the forecast period. Significant adoption of video conferencing among end-customers of IT & telecommunication companies is expected to fuel the adoption of collaboration solutions in the coming years.

The Asia Pacific enterprise collaboration market is projected to grow at the highest CAGR from 2018 to 2023. The growth of the Asia Pacific market is primarily driven by the growing need for robust collaboration and enhanced decision-making in organizations.